Be ready with an emergency fund

The economic impact from COVID-19 continues to be felt by almost everyone as job losses mount. Being on top of your finances is now more important than ever. For those of us that are fortunate enough to still have an income, it’s key to start building a financial buffer in case the unexpected happens and your next paycheck never comes. Many people believe that this kind of an emergency fund should cover your essential expenses for 3 to 6 months. But, since many Canadians are currently in debt, building that kind of savings simply isn’t realistic in a short period of time. That said, you can still take steps towards being in a better financial position even while you’re staying at home. Everyone’s situation is unique, but the basic idea of building your financial buffer quickly is simple – temporarily reduce all your expenses, focus on paying off your high interest debt, and then start saving up. Let’s get into it. SIGNUP NOW The 50/50 budget This is essentially a modified version of the 50/30/20 budget. You’ll focus on putting as much as 50% of your paycheck towards building your financial buffer,

The COVID-19 job loss action plan

Updated April 22, 2020 The COVID-19 pandemic has been challenging for all of us, many of us are facing never-before-seen financial challenges, businesses have been forced to close down and workers are being laid off. If you’ve lost your job, we’ve put together an action plan below that could help you through this challenging time. We’ll continue to update this list as the situation evolves. If you’re a current MogoMember and you have any questions about your active Mogo products and services, log in to your MogoAccount and chat with our product specialist. 1. Stay calm and stay cautious 🧐 It may be difficult to keep a clear head in chaotic times like these, but don’t let panic overrun your common sense. Avoid overspending and over-buying supplies. Fraudsters have already started preying on consumers' fears and spreading misinformation, so be cautious with phone calls, emails, and texts regarding COVID-19. To help you monitor and protect your finances during this crisis, in addition to our free monthly credit score monitoring, you can now get 6 months of MogoProtect identity fraud protection for free using promo code “STAYSAFE”. Our credit bureau partner Equifax is also currently offering a

Do you Need to be a Mathemagician

With the Coronavirus pandemic happening, it’s highly recommended that we stay in. If you’re thinking of things to do, here’s a timely one you can consider: taxes. Tax season is here! This can be a time of mixed emotions. For most, doing taxes feels complicated and boring (More than half of Canadians hired pros to do their taxes), and yet, everyone gets excited about receiving a tax refund (who doesn’t like getting their money back!?). Whether you do your taxes yourself or not, this is a great time for you to get a better understanding of your finances over the year. You’ll learn where you stand financially and if you should make some adjustments – is it time to look for ways to earn more, or find ways to spend less? Look at it as an opportunity to get a step closer to your financial goals. The top missed tax credits No matter how much it is, getting any refund feels great. Here are some of the top missed tax credits and deductions that experts say Canadians miss: 🏥 **Medical** – Expenses relating to medical issues that are not covered by your healthcare, from routine dental visits to

She got her own

Sunday was International Women’s Day, and we celebrated a year of amazing achievements including: 🌳 Greta Thunberg leading a global movement for climate change – she’s also been nominated for the Nobel Peace Prize. 🌌 Katie Bouman heading up the team that captured the first ever direct image of a black hole. ⚖️ Sanna Marin becoming Finland’s youngest serving Prime Minister – all five parties in the country’s governing coalition have female leaders! While women are clearly crushing it across the globe, we still see some sobering statistics about their financial health: Financial stress can cause poor health, anxiety, and prevents people from reaching their full potential. One survey has even shown that, for women, taking a positive action with their money is the top confidence booster. Clearly, financial health is really, really important for women. At Mogo, we’re committed to helping everyone become empowered and take control of their financial health. We believe that all Canadians deserve equal access to financial success and we’re very proud of helping Canadian women build a strong foundation for their futures. If you’re committed to improving your finances, then take the time to learn and master the 4 habits with the

Don't Let Your Dreams be Dreams

It's the middle of the work week and you're probably already thinking about the weekend, wishing it would come sooner. Maybe you're even dreaming about living a life that only has weekends. The question we rarely ask ourselves is, “How bad do I actually want that life?”. It’s easy to let what you desire slip away and accept something lesser, but it’s important to be absolutely honest with yourself. If you want to achieve something, like getting out of debt sooner, buying a home, or retiring, then you must fully own it. Your results will directly represent your level of commitment to those results, so you need to fully commit to your goal in order for it to fully happen. If you know you want it, then don’t wait to get it. Here’s a helpful article by Benjamin Hardy where you can learn the 5 key principles for increasing your commitment to specific results you want. Looking to get a raise? Being a high performer at work isn’t just about talents, you need the right habits – we’re talking about “thinking habits”, like trusting your gut, tackling the hard work first, and thinking before you